New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-01-06
THE POSSIBILITIES As TO SILVER.

THE POSSIBILITIES AS ~ OIL En-
Public opinion appears to have settled to the
belief that nothing will be done at this session
of CONGRESS- in regard to the silver question
No change is preferable to the unlimited coin
age which some men still urge, but it is not the
part of wisdom to conclude that no change
would be escape from danger. Not many
months ago the business world was full of
apprehension because it was believed that
unless the laws could be changed, events would
surely push the Government into silver pay
ments. Wise conduct Of the Treasury averted
the. danger for mo ment, and then, with
revival of confidence, came countless Oppor-
tunities for investments and speculation which
foreign capitalists with millions lying idle were
not slow to embrace. The food of gold from
Europe has put the silver question out OF mind
for the moment, and yet it is mistake to
suppose that the danger which seemed so near
last June has been forever put away.
The large amount of gold which has come
hither during the past season for investment or
speculation may be called back at almost any
time. If war should break out in Europe, much
of this amount would probably be drawn from
this country speedily, for even the opportunities
which American industries and markets afford
would not excel, in attractiveness for specu-
lators, the boundless chances which would
then be within the reach of men familiar with
the business of supplying European armies, or
dealing in European stocks Later, should the
struggle seem likely to last or to spread, large
permanent investments IN this country might
follow, as the safest refuge for money
from the chances of European disturbance.
But the earliest effect would almost certainly
e Il, ,,,ln yaI in
speculation or in ventnresome Investment here.
If large amounts IN gold should be with
drawn. for this or any other reason the silver
question would again demand attention, but
under new circumstances. The Treasury, IN
order to make business active. has disbursed
its reserve rapidly during the past six months,
and Is but $40, 900, 600 stronger in geld owned
than it was at the end of July. 1t has Tut into
circulation nearly $30O00,O00 more silver
certificates, which are liable to go into the
Treasury in the payment of duties and internal
taxes so rapidly as to cause embarrassment.
1t is not at all clear that the amount now out
standing can long be retained in circulation,
without such embarrassment to bankers az
would render them impatient jim sending the
notes forward for virtual redemption in gold
through the custom houses. This state OF
things is not more impossible or improbable
than it was last Jane, and the amount of silver
notes in circulation is greater now than 1t was
then.
Congress ought rot TO adjourn without
seriously considering the recommendation of
the President and Secretary of the Treasury, If
not with entire concurrence, at least with
determination to guard in some way against
the dangers they have pointed out so clearly.
Abroad the decline in silver has led the British
Government to consider the subjert anew, and
it is possible that if Congress adiourns without
doing anything, it may miss an opportunity
which will not return of exerting powerful
Influence upon the decision of European gov
| prnmpnfs